Belmont Resources Inc. (“BEA”) (the “Company”) has closed and completed the third and final tranche of its private placement as per the TSX Venture Exchange (the “Exchange”) bulletin dated November 23, 2010.
The Company has issued 2,000,000 units at a price of $0.05 per unit for gross proceeds of $100,000. The units consist of one share and one share purchase warrant exercisable at $0.10 per share until November 23, 2011 and $0.15 per share after November 23, 2011 until November 23, 2012. The shares and warrants are subject to a four-month hold period expiring March 24, 2011. Eleven placees participated.
A total of twenty-nine placees participated in the three tranches with the Company raising gross proceeds of $350,000. The Company intends to utilize the proceeds of the private placement for further property acquisitions and general working capital.
About Belmont Resources Inc.
Belmont has recently entered into an option to acquire 100% interest in 3,040 ha. (23 contiguous mineral claims), known as the Lumby/Bufo property located approximately 35 km. northeast of the town of Atikokan and adjoining on strike to the north-northeast with the Osisko Mining Corp. (former Brett Resources Inc.) “Hammond Reef” deposit.
Belmont Resources Inc. has previously focused on acquiring and developing uranium properties in developed and emerging uranium districts. Belmont (50/50) with International Montoro Resources Inc. has acquired two significant uranium properties (Crackingstone –982 ha & Orbit Lake –11,109 ha) in the Uranium City District in Northern Saskatchewan. The Company also holds interests (50/50 with Int. Montoro) in one rare earth mineral and one uranium claim block in the Central Mineral Belt in Labrador.
Further information can be obtained from the Company website at www.BelmontResources.com and www.sedar.com, or by phoning 604-683-6648.
ON BEHALF OF THE BOARD OF DIRECTORS OF
BELMONT RESOURCES INC.
Gary Musil, CFO/Director
The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Companies forward-looking statements and expectations.
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